The new deal will see Thompson remain with Wests Tigers until at least the end of the 2019 NRL season.
Thompson joined Wests Tigers this season after two years in the English Super League and has been a standout performer so far in 2018, scoring three tries in the opening four games.
Thompson said he was thrilled to be extending his stay at Wests Tigers.
“It was a pretty easy decision, I’ve loved my time here so far,” said Thompson.
“Ivan gave me the opportunity to come back here and prove myself and I think I’ve had a great month of footy to start the year off.
“My focus is now just to keep the same attitude I have and to make the team each week,” he said.
“Ever since day one I’ve leant so much off Ivan and all the other boys. I’m playing with confidence at the moment and that’s down to the coaching staff and what they’ve taught all of us.
“I feel like I’ve been here for a couple of years now with how well I’m settled into this club,” said Thompson.
Wests Tigers Head Coach Ivan Cleary said that Thompson’s new deal was a reward for his hard work.
“Corey has been impressive in how he’s committed himself to training and his efforts on the field since joining the club,” said Cleary.
“His new contract is a great reward for his hard work and I look forward to seeing him continue to develop over the coming seasons.”
Wests Tigers CEO Justin Pascoe said that Thompson has been impressive both on and off the field.
“I’d like to commend Corey on how he’s settled into life at Wests Tigers and how he has bought into the direction that we are taking the club,” said Pascoe.
“He’s an impressive young man who has quickly become a fan favourite and we all look forward to having him as a part of our club long into the future.”